PING AN INS CO OF CHINA - PNGAY STOCK NEWS

Ping An of China Asset Management (Hong Kong) Company (PAAMC HK) has announced that its China Green Bond Fund has been awarded the 'ESG Fixed Income Fund of the Year (Asia)' at the 2024 Sustainable Investment Awards organized by Environmental Finance. This is the third time the Fund has received this recognition, previously winning in 2021 and 2023. The Fund achieved a strong return of 5.5% in 2023, despite challenging conditions for green bond funds, through careful credit selection and a defensive portfolio duration of 2.8 years. Over the last year, the Fund diversified into higher-quality regions like South Korea and Japan and increased its portfolio yield. The Fund also aligned more closely with EU taxonomy standards and reduced exposure to natural gas-related bonds. The award acknowledges the Fund's commitment to data collection on metrics such as carbon emissions and renewable energy capacity.

Ping An's Co-CEO Michael Guo highlighted the immense business opportunities in China's growing senior population at the Annual Meeting of the New Champions 2024 in Dalian, also known as 'Summer Davos.' He pointed out the low public awareness of financial planning for senior care despite an increasing need for integrated services combining finance and healthcare. Ping An aims to lead by offering comprehensive services including financial advisory, family doctor, and senior care concierge services. The company leverages its technological capabilities and extensive customer base to provide tailored solutions for senior care, emphasizing the importance of early financial planning for pensions and chronic disease management.

Guo stressed that China's rapid aging population presents challenges due to a low retirement replacement ratio and fragmented senior care services. Ping An addresses these by integrating financial products with healthcare services, supported by AI-driven technologies and a vast healthcare database. Guo also noted the importance of data application in enhancing service quality and efficiency.

Ping An Asset Management Co. (PAAMC) has risen to 33rd place in the Top 500 Asset Managers 2024 list by Investment & Pensions Europe (IPE), marking its highest position yet. The company, founded in 2005, is a subsidiary of Ping An Insurance and ranks 3rd in Asia. This achievement signifies PAAMC's continued growth and prominence, with assets under management (AUM) reaching RMB5.03 trillion as of December 31, 2023. The company recently joined the UN-supported Principles for Responsible Investment (PRI) as an investment manager, underscoring its commitment to sustainable investing. PAAMC's rise in ranking reflects the broader growth in China's asset management industry, which now includes 52 companies with a collective AUM of RMB72.4 trillion. This milestone highlights the increasing recognition and potential for cross-border cooperation between Chinese and international asset managers.

Ping An Insurance has been awarded five accolades in the 2024 Asia (ex-Japan) Executive Team rankings by Institutional Investor magazine. The company was recognized for 'Best Company Board,' 'Best CEOs,' 'Best CFO,' 'Best ESG Program,' and 'Best Investor Relations Program.' These awards highlight Ping An's excellence in corporate governance, strategy execution, and ESG management. In 2023, Ping An reported revenues of RMB 913.789 billion and an operating profit of RMB 140.913 billion. The company plans a final cash dividend of RMB 1.50 per share, with a full-year dividend totaling RMB 2.43 per share. As of the end of 2023, Ping An had RMB 11.58 trillion in total assets and approximately 232 million retail customers. Ping An continues to focus on its 'integrated finance + healthcare and senior care' strategy and maintains strong ESG ratings, including an 'A' from MSCI and a 'Low Risk' rating from Sustainalytics.

Ping An Insurance has announced a brand upgrade for its 'Ping An Family Doctor' service, emphasizing proactive health management, chronic disease control, and comprehensive disease management. The upgrade includes a one-stop health management system with a team of dual-certified family doctors and a 5A standard service process. As of 2023, the service has nearly 13 million memberships with high satisfaction rates. Ping An Health has also developed significant databases and AI models to enhance service delivery. This move aligns with China's evolving healthcare needs, especially for an aging population. The initiative also aims to synergize healthcare and insurance, further boosting the company's healthcare and financial services integration.

Ping An Insurance ranked 29th on the Forbes Global 2000 list for 2024, securing the top spot among Chinese insurance companies. The company reported revenues of $136.07 billion, a profit of $11.78 billion, assets worth $1,654.8 billion, and a market capitalization of $105.5 billion. Ping An's strategic focus on integrated finance, healthcare, and senior care has driven steady growth in revenue and operating profit. The company plans a final dividend of RMB1.5 per share for 2023, making the full year dividend RMB2.43 per share. Ping An is committed to ESG principles and has substantial investments in green finance. The company also supports inclusive finance and rural community development, providing significant financial services to small enterprises and investing in poverty alleviation initiatives.

Ping An's Chief Investment Officer, Benjamin Deng, announced at the Asian Investment Summit that the company will maintain its 'double barbell' asset allocation strategy. This approach balances long-duration interest rate bonds with risk assets like equities and real estate to ensure stable returns.

Ping An's insurance funds investment portfolio reached RMB4.93 trillion by March 2024, yielding a 5.4% average return over the past decade. Deng highlighted the growth potential in China's energy transition, which demands RMB487 trillion in green investments over 30 years.

Ping An sees strong investment opportunities in renewable energy and electric vehicles, with high-dividend stocks rising 18% compared to the CSI 300 Index's 6.4% increase. The company remains optimistic about China's GDP growth and is open to partnerships with foreign investors in sustainable development projects.